Telegram plans blockchain and ICO launch
The Telegram Open Network (TON) will reportedly host payments and fund transfers via its open-source app.
Global messaging startup Telegram plans to launch its own unique blockchain platform and cryptocurrency.
The Telegram Open Network (TON) will be reputedly supported by an upcoming Initial Coin Offering (ICO) and host payments and transfers via its open-source client application, according to multiple TechCrunch sources.
TechCrunch said it reviewed portions of a 132-page Telegram white paper which names TON’s accompanying digital currency as “Gram”. The asset has the potential to be one of the largest ICO’s in cryptocurrency history.
In late December, a number of YouTube accounts shared a purported TON promotional video, which revealed that all Telegram users would receive a TON wallet in 2018 as part of the service’s new blockchain platform.
The video states that TON will “securely handle millions of transactions per second”. This is possible as a result of “multi-blockchain architecture”. For example, once a TON blockchain becomes too big, it will automatically scale, splitting the chain into two separate blocks to increase capacity, a process called “infinite sharding”.
The white paper and video both point to “hypercube routing” as a means of exchanging data. TON will use direct payment channels to transfer value at speed and will also operate flexible 2D Distributed Ledgers to accommodate billions of users and thousands of decentralized applications.
To maximize efficiency, TON’s blockchain will allow fault-tolerant “proof of stake” transaction validations, rather than the typical “proof of work” measures. TON will manage ID, payments and smart contracts.
More than half (52%) of the entire supply of Grams cryptocurrency will be retained by Telegram, while a small proportion (4%) will go to the company’s development team, involving a four-year vesting period. The remaining capacity (44%) will be distributed in both public and private sales.
The Telegram Wallet is scheduled to be released in the final quarter of this year, while the TON is likely to launch during early 2019. Subsidiary, related third-party services are expected to go live soon after that.
Telegram was founded by Russian entrepreneur Pavel Durov and hosts 180 million monthly active users.
Apple Pay Cash, Apple’s own peer-to-peer payments service, arrived in the latest iOS update, allowing users to pay people via their cell phone’s messaging service and make purchases in stores, in apps and online.
Today, cryptocurrency exchange Binance lifted its temporary ban on new user registrations. A slew of major platforms have closed their doors to new clients over the past few months. Telegram’s forthcoming network may solve these overcrowding issues, which have been causing infrastructure headaches for all concerned.
CoinMarketCap, an online source for cryptocurrency market capitalization figures and price movements, decided to unexpectedly remove South Korean exchanges valuations from its reported averages, causing a significant decline in the overall market cap and individual currency prices over the last 24 hours.
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